M id A tlantic Real Estate Journal — New Jersey — December 23, 2022 - January 19, 2023 — 3B
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OUND BROOK, NJ — In a continued ef- fort to build up local Sweetwood of Kislak brokers sale of Mosaic on Main Reynolds Asset Management announces $22 Million sale B
communities, Reynolds Asset Man- agemen t (Reynolds) announced the sale of a newly con- structed five- story elevator
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Lou Reynolds
building, with both residential units and commercial retail space, to a longtime New Jer- sey property owner via a 1031 exchange. Named Mosaic on Main, the mixed-use building, which is situated in New Jer- sey’s Somerset County, sold for $22 million. “We put our heart and soul into every project, so when it came time to part with Mosaic on Main, we wanted to ensure that the new owner would do the same,” said Lou Reynolds , founder and CEO of Reynolds. “Thankfully, we found someone with a stake in the community and a desire to participate in the growing housing opportuni- ties in Bound Brook.” Conveniently located just steps away from the Raritan Valley train line, restaurants
Mosaic on Main
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and shopping, the building houses 63 residential units, a combination of studios, 1-bedroom and 2-bedroom apartments, and one 1,650 square-foot retail space. The property boasts energy ef- ficient appliances, an on-site fitness center and granite countertops, among other amenities and features. “Similar to Jersey City and Harrison, Bound Brook is a community where everything
old is becoming new again,” said Joni Sweetwood , ex- ecutive vice president of The Kislak Company, Inc. , the firm responsible for brokering the sale on behalf of Reynolds. “What makes Mosaic on Main different are the special ar- tistic touches throughout the property brought to life by the Reynold team, such as the origi- nal mosaic, personally commis- sioned by Lou, in the building’s lobby.” MAREJ
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